IGI Logo

Nifty

At the close, Nifty maintained its anticipated psychological support level of 21,000 after exhibiting a clever pullback. Going forward, the current consolidation is anticipated to continue, with 21600 appearing to be the immediate top for the current trend, and near-term support at about 21,000 and 20710. A significant correction towards 20710 can be anticipated if the index closes below the same level. On the other hand, the record high of 21,593 is likely to be a significant barrier as a successful crossing of it can initiate a new leg of the rally. Option data too indicates the immediate range to remain intact at 21500-21000 itself with 21300 now its approx. midpoint. It’s ideal to wait for the occurrence of a near term bullish reversal pattern to redeploy longs near the anticipated major support zone around 20800-20710 with a stop below 20520. Until then expect a healthy time & price correction to form a fresh elevated base for the ongoing bullish structure

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838